Substantial Oil and gas reserves discovered in Pakistan’s waters: Report

Pakistan has discovered a substantial deposit of petroleum and natural gas within its territorial waters, a discovery that could significantly alter the country's economic landscape. Reports from DawnNewsTV indicate that this discovery follows a comprehensive three-year survey conducted in partnership with an allied nation to verify these valuable resources' presence.

According to a senior security official, the geographic survey has successfully pinpointed the locations of the deposits, with relevant departments notifying the government about the findings in Pakistan’s maritime territory. The official described the initiative as a strategic move to leverage the ‘blue water economy’ and indicated that proposals for bidding and exploration are currently under review, suggesting that exploration activities may commence shortly.

Despite the promising news, the official cautioned that drilling and extracting oil could take several years. Beyond oil and gas, he highlighted the potential for uncovering additional valuable minerals and elements from the ocean, emphasising the importance of swift action to capitalise on this opportunity.

Initial estimates suggest that this discovery could represent the fourth-largest oil and gas reserves globally. Currently, Venezuela holds the position for the largest oil reserves, estimated at approximately 3.4 billion barrels, while the United States leads in untapped shale oil reserves. The top five include Saudi Arabia, Iran, Canada, and Iraq.

Speaking with DawnNewsTV, former member of the Oil and Gas Regulatory Authority (Ogra) Muhammad Arif expressed cautious optimism regarding the findings. He acknowledged that while the discovery is promising, the expectation of finding reserves as projected is not guaranteed. "Whether these reserves can meet the country's energy demands depends on their size and recovery rate," he noted. 

Arif suggested that gas reserves could potentially replace liquefied natural gas (LNG) imports, and oil reserves might substitute for imported oil. Nevertheless, he warned that it remains “wishful thinking” until thorough reserves analyses are completed and drilling operations begin.

He also pointed out that exploration requires a significant investment of around $5 billion and could take four to five years to yield results from an offshore site. Should exploration confirm the presence of reserves, additional investments would be necessary to develop wells and establish the infrastructure needed for extraction and fuel production, as reported by DawnNewsTV.

(With PTI inputs)